8. A family takes out a $255,515 mortgage at 4.32% interest compounded monthly with monthly payments for 30 years. (a) How much would the scheduled payments on the loan be? Round your final answer to two decimal places. (b) If they decide to pay an extra $200 each month on the house payments, how many years will it take to pay off the loan? Round your final answer to two decimal places. (c) How much will they save in payments over the life of the loan by paying $200 extra each month? Round your final answer to two decimal places.

8. A family takes out a $255,515 mortgage at 4.32% interest compounded monthly with monthly payments for 30 years. (a) How much would the scheduled payments on the loan be? Round your final answer to two decimal places. (b) If they decide to pay an extra $200 each month on the house payments, how many years will it take to pay off the loan? Round your final answer to two decimal places. (c) How much will they save in payments over the life of the loan by paying $200 extra each month? Round your final answer to two decimal places.

Financial Accounting Intro Concepts Meth/Uses

14th Edition

ISBN:9781285595047

Author:Weil

Publisher:Weil

ChapterA: Appendix - Time Value Of Cash Flows: Compound Interest Concepts And Applications

Section: Chapter Questions

Problem 11E

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